Introduced
by
To increase the Single Business Tax apprenticeship credit from $2,000 to $3,000, and increase the cap on the level of gross sales that allows small businesses to determine its SBT liability using a simpler alternative method that results in a lower tax.
Referred to the Committee on Tax Policy
Reported without amendment
A new version of the bill that uses it as a legislative "vehicle" for a House Republican business tax cut proposal. This was assembled as an alternative to Gov. Jennifer Granholm's revenue-neutral <a href="http://www.michiganvotes.org/2005-HB-4476">Single Business Tax revision proposal</a>. It would use some of the money generated by ”securitizing" the future revenue stream from the 1998 tobacco company lawsuit settlement to partially subsidize Medicaid spending for a few years, and use the freed-up tax revenue to partially “pay for” an array of business tax cuts, including a credit against the personal property tax on business equipment, elimination of the SBT that is levied on employee health insurance costs paid by employers, a future permanent SBT rate reduction (once SBT tax revenue exceeds a certain threshold), and gradual reductions in the rate of an existing SBT “alternative” tax for some small businesses. See also House Bills <a href="http://www.michiganvotes.org/2005-HB-4972">4972</a> <a href="http://www.michiganvotes.org/2005-HB-4973">4973</a> and <a href="http://www.michiganvotes.org/2005-HB-5048">5048</a>.
